Throughout the last year NFTs have seen a huge surge in popularity. Mutant Ape Yacht Club has seen a tremendous amount of growth as famous celebrities continue to join the project and the price for these assets sky rocket.
What was once minted for 3 ETH is now currently trading at over 14 ETH with a remarkable all-time high of above 40 ETH. This is because the project combines all aspects of digital art, community and exclusivity into a visually appealing collection. Learn how to buy a Mutual Ape Yacht Club NFT now.
What is Mutant Ape Yacht Club?
Mutant Ape Yacht Club is an NFT collection made by Yuga Labs, the creator of Bored Ape Yacht Club. Each NFT has a unique address on the blockchain that can not be recreated or faked. This allows for proof of ownership amongst the community and invalidates any concerns of “screenshotting” the art for ownership. Notably, Mutant Apes are the 2nd and final collection to be part of the Bored Ape Yacht Club, offering holders exclusive benefits for owning the NFT. Members of the Yacht Club receive perks like the ApeCoin airdrop, metaverse land, and access to events in real life, such as Ape Fest.
Mutant Ape Yacht Club is a derivative collection of the infamous Bored Ape Yacht Club project on the Ethereum network. These Mutant Apes are created by exposing a Bored Ape to the Mutant Serum or by minting a mutant Ape during the public sale. MAYC is a collection of up to 20,000 unique Apes with roughly 18,000 currently minted.
The MAYC was considered a “stealth drop” as the developers wanted to make sure there was fair distribution. A public auction was held for 10,000 mutants available for mint and the details of the sales were kept under wraps. BAYC did not reveal the Mutants until the sale closed –– this prevented anyone from knowing which NFTs were minted.
There are 3 different types of serums to mutate Bored Apes: M1, M2 and M3 vials. Mutants created with the M1 and M2 serum retain all the same traits of the original ape, although the M3 is incredibly rare and produces unpredictable traits. Combining a Bored Ape with a serum can only be done once and when used, the original Bored Ape remains the same and the serum is burnt.
Brief History of MAYC
Mutant serums were airdropped to all BAYC holders in August 2021. Mutant Apes along with the original BAYC collection were created by the anonymous Yuga Labs team. Although the team prefers to stay anonymous, the founders identity is now public information, thanks to a Buzzfeed leak earlier this year.
In early 2022, Yuga Labs conducted the largest seed round in history. The company raised over $400 million from investors like Andreessen Horowitz, Google Ventures, 776 and Samsung. Soon thereafter, ApeCoin was airdropped to members of the Bored Ape Yacht Club. At current prices, Mutants were airdropped over $30,000 in ApeCoin, while Bored Apes were gifted over $150,000.
Perks of Holding MAYC
The largest perk for holding a MAYC NFT would be the social status associated with the project itself. For example, it is very popular amongst the community to make their Twitter profile picture their MAYC, demonstrating their experience in the DeFi space.
The second largest perk to holding a MAYC would be the aspect of being a community member. Holders become part of exclusive communities with other famous celebrities. Not only this, but members of the club (both MAYC and BAYC) will be able to earn tokens in Bored Ape Yacht Club’s upcoming play-to-earn blockchain game.
Another perk that is often overlooked is the aspect of holding to make a profit. As the DeFi industry continues to grow, Bored Apes and Mutant Apes have become increasingly popular. The floor price for these assets have grown exponentially since their release with no signs of slowing down.
How to Buy Mutant Ape Yacht Club NFTs
The cheapest Mutant Ape available is over $27,000. Although Mutant Apes may be expensive for most individuals, if you are curious about how these assets are purchased, here is the process.
- Open an online account.
MAYC NFTs are built on the Ethereum network. The first step to buying a Mutant Ape is to acquire some Ether. This can be done by opening an account on a trading platform like eToro or Robinhood. This process involves verifying your identity by selecting a form of government ID followed by a picture to match the form of identification.
Once you have verified your account on a trading platform, you are able to fund it with your preferred payment method. The most common methods of funding are debit or credit cards as well as a direct bank transfer.
- Buy or download a crypto wallet.
In order to actually purchase your NFTs from the OpenSea marketplace, you will need a software wallet like Metamask to use your Ether. After you have purchased your preferred NFT, you should send your Ether and NFT to a hardware wallet like Ledger for additional safety.
- Send ETH to your wallet.
Once you have purchased ETH on an exchange, the next step is to send the desired amount of ETH over to your wallet. To do this, you have to log into your metamask account and copy your wallet address. Once the address is copied you can then paste the address into the “send” feature on the exchange.
Ethereum transactions can take anywhere from 1 to 15 minutes to send your funds. Sending your ETH to your wallet from an exchange should have minimal gas fees, although other transactions on the Ethereum network may cost over $100 per transaction.
- Make your purchase.
Once your ETH is in your Metamask wallet, you can now head over to OpenSea. Connect your wallet to OpenSea and now you are able to purchase a Mutant Ape. Some may have a “buy now” price if owners chose to list their NFT for sale. Otherwise you are able to bid on any NFT you like, and the owner has the option to accept your bid.
Best Crypto Wallets For NFTs
Now that you can buy Mutant Ape Yacht Club NFTs, you need to know how to store them and other cryptos safely. Here are some of the best personal cryptocurrency wallets on the market.
Best Hardware Wallet: Ledger
Ledger is one of the top hardware wallets currently available. The device is primarily an offline hardware wallet that also connects to Bluetooth and USB depending on if you want to use your computer or mobile phone. Ledger also has an app to make it much easier to secure, store and manage your digital assets.
Best Software Wallet: MetaMask
Metamask is the most popular software wallet on the market. Metamask has to store your wallet information on the internet to make it easy to use the app which makes it less secure than a hardware wallet. However, at least it encrypts personal information and keys so it is still quite safe.
Keep in mind the individual who accepts the transaction pays the gas fee. For example if you want to purchase a NFT through the “buy now” option, you are responsible for the gas fee. If you put a bid on a piece and it is accepted, the owner will pay the gas fee.
Current Crypto Prices
The crypto market is still experiencing heavy volatility. Many coins followed Bitcoin as it made a decent correction but Ethereum may be the next top crypto to make a big move after the highly anticipated Merge.
Although there are technical analysts that still believe that the end 2022 will produce significant gains, the following weeks will be crucial to determine the near future of crypto markets.
Is it Worth Buying a MAYC?
Mutant Ape Yacht Club NFTs, like many other projects, are entirely speculative investments. The value behind these assets is all in the eye of the holder. This is true for most investments to a degree, but it is even more true for collectibles like Mutant Apes. Early buyers could have made a massive profit on their purchase but others who bought in close to the top are down significantly on their investment.
Many find value in the community. If you buy a Mutual Ape NFT, you get to be 1 of 13,000 members in an exclusive group. Others find value in the perks like private New York City parties for Ape holders, and some people truly just want to purchase an NFT for the art itself.
Buying a MAYC is worth it if the art and the perks hold value for you.
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